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2020年CFA一级考纲与19年考纲对比!

2020-09-22 14:57考试动态 人已围观

简介在CFA一级考纲连续多年发生较大变化后,相较于2019年,2020年CFA一级考纲整体变化幅度较小,实质改变较少但细节调整较多。...

  在CFA一级考纲连续多年发生较大变化后,相较于2019年,2020年CFA一级考纲整体变化幅度较小,实质改变较少但细节调整较多。

  首先,相较于2019年,各科目的考试比重未发生变化。

  其次,考纲内容上,除了经济学(Economics)、权益投资(Equity Investment)、其他类投资(Alternative Investments)无变化,其他部分细节调整较多。具体而言:

  1.伦理道德与专业准则(Ethical and Professional Standards)部分:

  ★Reading 1.Ethics And Trust In The Investment Profession中:

  √新增考纲:c.describe professions and how they establish trust;

  √取消了对framework for ethical decision making的应用(apply)要求。

  2.数量方法(Quantitative Methods)部分:

  ★删除整个Reading.Discounted Cash Flow Applications

  ★Reading 7.Statistical Concepts and Market Returns中,2020年相比2019年考纲取消了对夏普比率(Sharpe ratio)的计算和解释要求。

  ★Reading 11.Hypothesis Testing中,新增考纲:k.formulate a test of the hypothesis that the population correlation coefficient equals zero and determine whether the hypothesis is rejected at a given level of significance;

  ★原Reading 13.Technical Analysis整体移动到组合管理(Portfolio Management)部分。

  3.公司财报分析(Financial Reporting Analysis)

  ★Reading 20.Financial Reporting Standards中:

  √删除4条考纲要求,分别为:

  1.c.describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of financial reporting standards;

  2.f.compare key concepts of financial reporting standards under IFRS and US generally accepted accounting principles(US GAAP)reporting systems;

  3.g.identify characteristics of a coherent financial reporting framework and the barriers to creating such a framework;

  4.i.analyze company disclosures of significant accounting policies.

  √取消财报准则设置机构的描述、对国际证监会组织的角色描述、财报的目标描述、财报的前提准备等要求。

  ★Reading 21.Understanding Income Statements中,删除原考纲要求:

  √b.accrual accounting,specific revenue recognition applications(including accounting for long-term contracts,installment sales,barter transactions,gross and net reporting of revenue),and implications of revenue recognition principles for financial analysis;

  √d.describe key aspects of the converged accounting standards for revenue recognition issued by the International Accounting Standards Board and Financial Accounting Standards Board in May 2014;

  ★Reading 26.Long-lived Assets中,删除原考纲要求:

  √o.explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios;

  √p.explain and evaluate how finance leases and operating leases affect financial statements and ratios from the perspective of both the lessor and the lessee.

  ★Reading 30.Non-current(Long-term)Liabilities中,删除原考纲要求:

  √h.determine the initial recognition,initial measurement,and subsequent measurement of finance leases;

  √i.compare the disclosures relating to finance and operating leases;

  4.公司金融(Corporate Finance)部分:

  ★Reading 32.Capital Budgeting,新增考纲:f contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule;

  5.固定收益投资(Fixed income)部分:

  ★Reading 44.Introduction to Fixed-Income Valuation中,新增考纲:f calculate annual yield on a bond for varying compounding periods in a year;

  6.衍生工具(Derivatives)部分:

  ★Reading 48.Derivative Markets and Instruments中,新增考纲d determine the value at expiration and profit from a long or a short position in a call or put option;

  ★Reading 49.Basics of Derivative Pricing and Valuation中,

  √新增考纲c.calculate a forward price of an asset with zero,positive,or negative net cost of carry;

  √删除原考纲i.explain how the value of a European option is determined at expiration;

  7.投资组合(Portfolio Management)部分整体移动到其他类投资之后:

  ★Reading 51.Portfolio Management:An Overview中,新增考纲:b describe the steps in the portfolio management process;

  ★Reading 52.Portfolio Risk and Return:Part I中,新增考纲:b.compare the money-weighted and time-weighted rates of return and evaluate the performance of portfolios based on these measures

  ★Reading 54.Basics of Portfolio Planning and Construction中,新增考纲:h describe how environmental,social,and governance(ESG)considerations may be integrated into portfolio planning and construction.

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